5 Helpful Resources To Help You Reduce Student DebtJun 01, 2018
Every summer a new crop of post-secondary graduates leave school excited to begin their careers — and maybe not so excited about starting on the long journey to reduce their student debt.
The repercussions of student debt are felt by more than just grads though. Parents of grads may be feeling an extra tightening of their budgets as their children return home to live under their roof.
Many factors beyond a graduate’s student debt load are contributing to this trend of living with Mom and Dad, including higher rents, increased cost-of-living (groceries, gas, transit, utilities, etc.), and changes in the economy leading to more precarious employment (part-time, contract, freelance).
Entering the workforce with significant debt can be daunting. We’ve taken the time to put together five great resources to help you learn as much as you can about your student debt, with steps you can take immediately to reduce your debt load.
- Understanding Your OSAP Student Loan – Christine Drummond, The Wallet Diet
This personal finance blogger shares her own experiences while paying down $35,000 in student debt. In this blog, she breaks down the Ontario Student Assistance Program (OSAP) and what every graduate carrying this type of loan needs to know. She covers:
- What is OSAP
- How OSAP interest is calculated
- How your student debt repayment works
- What happens if you can’t afford to pay your student loans
A worthwhile read to help you better understand the ins-and-outs of your OSAP student loan, which typically starts to be repaid six-months after graduation.
- How To Pay Off Student Debt After Starting Your First Job – BDO First Call Debt Solutions
Now that you understand how OSAP student loan repayment works, you need to have a plan to reduce that debt once you begin working. Learn why a budget is your best tool to reduce student debt; how online debt calculators and other tools can help you create repayment goals; and why automated payments can keep your debt repayment on track
- After Graduation, What Are My Debt Relief Options? – BDO First Call Debt Solutions Kelowna
Sometimes despite best efforts, repaying student debt can be a challenge. In this blog, we offer advice on what type of help with debt is available, including:
- Ways to reduce your monthly expenses
- Why reviewing your finances regularly is important when it comes to getting help with debt
- What professional debt relief options are available to you
- Kicking Your Student Debt to the Curb with Riley Maruyama – Mo’ Money Podcast
Jessica Moorhouse is a financial blogger and also has her own podcast. In the episode she talks with a friend about how they were able to pay off $35,000 worth of student debt while building a career as a cinematic artist. Sometimes hearing how others in a similar situation found ways to pay off their debt can kick start your motivation to do the same!
Here you can find expert advice from our Licensed Insolvency Trustees from across Canada. The channel includes podcasts, media interviews and informational videos about managing your money and your debt.
Use these five resources as a starting point to expand your knowledge and reduce your own student debt.